The end of the 2018-2019 Financial year is here. There are changes as to how you report your financial year end payroll information to both your employees and the ATO. This post is a brief summary to help you navigate the new Single Touch Payroll approach.
The help page for Saasu’s Single Touch Payroll reporting is here.
What you need to know as an employer
- You are longer required to provide your employees with a payment summary for payments reported through STP.
- You will have until the 31st of July to ‘finalise’ your employees’ EOFY payroll information for the 2018-19 financial year. However, you can finalise your employees EOFY payroll information from as early as the 30th of June.
- You no longer need to lodge a payment summary annual report (given you complete the finalisation declaration by the finalisation date).
What to tell employees
- You will not be providing them with a payment summary.
- Income statements will replace payments summaries. Employees can view their income statements online through MyGov or by contacting the ATO.
- If they use a registered agent to lodge their income tax return, their agent will receive their income statement information directly from the ATO.
To find out more information, visit the ATO’s About Single Touch Payroll guidance.